We monitor the interest rates being offered by more than 500 financial institutions (banks, credit unions, and savings and loan associations) and display only the top 50 highest rates in the table below. These are weekly updates to help you find the best online high-yield savings account and money market account rates currently available.

Finding the best savings rates is easy. Simply change the search criteria to look for the type of account you're interested in (either "Savings Accounts" or "Money Market Accounts") and select the filters. [Article continues below ...]

Saving money is essential to building your net worth. Savings accounts and money market accounts are meant to hold your liquid assets, or funds that you expect to use within a year. You may think, “If you’ve seen one high-yield savings account, you’ve seen them all” – but, actually, higher interest rates and certain features can make one account a better choice than another.

Online high-yield savings account and money market account rates

As online banking has evolved, consumers can find a high yield and still hope to get the mobile and digital banking convenience they need. They’re free to shop and compare interest rates and account features in search of the best online high-yield savings account for their liquid assets.

Savings accounts

When you want to set up an emergency fund or other savings account for short-term liquidity, an online savings account usually offers higher interest rates than many brick-and-mortar banks. In addition, online banking is much more convenient.

Online bank savings account leader – Week of December 11, 2016

Synchrony Bank’s High-Yield Savings Account offers a 1.05% APY (rate as of December 11, 2016). There is no minimum balance required to earn the advertised APY or open an account. Of course, deposits are FDIC-insured.

Money market accounts

While money market accounts are similar to savings accounts, they used to earn higher interest rates and their restrictions then were more stringent than they appear to be today. Our research is showing that, in some respects, the differences between the two types of accounts are blurring.

In your search for the best money market account, you may find that interest rates are quite similar to savings account rates, and the minimum balance requirements and number of withdrawal transactions allowed may be on par with savings accounts these days as well. All of this underscores the need to personally investigate the specifics of any account you open.

Online bank money market account leader – Week of December 11, 2016

Ally Bank’s Money Market Account offers a 0.85% APY (rate as of December 11, 2016) with no minimum deposit to open and no monthly fees. Deposits are FDIC-insured.

Even though rates are low right now, they will eventually rise as the economy recovers. Regardless, it is important to develop the habit of saving. Keeping track of the latest interest rates is the research part of that habit, but the payoff is that the best interest rates and services can help you make the most of your savings in any economic environment.

Featured bank offerings – Week of December 11, 2016

It takes time to research banks, so here is a synopsis of what some of the major banks offer with a direct link to their individual website. That way you can easily learn more and open an account when you are ready.

Synchrony Bank’s High-Yield Savings Account offers a 1.05% APY (rate as of December 11, 2016) There is no minimum balance required to earn the advertised APY or open an account. Of course, deposits are FDIC-insured.

Barclays’ Online Savings Account offers a 1.00% APY (rate as of December 11, 2016) with no minimum deposit to open and no monthly maintenance fees. Barclays also tied for “Best Savings Account” by Money Magazine in 2013. Interest is compounded daily, funds can be moved electronically to external accounts, and deposits are FDIC-insured. Barclays is a large bank that has been around for over 300 years and operates in 50 different countries.

Ally Bank’s High-Interest Online Savings Account offers a 1.00% APY (rate as of December 11, 2016) with no minimum deposit to open and no monthly fees. Ally Bank won top honors in the MoneyRates survey of “Best Savings Accounts for 2014″ which recognizes banks that consistently offer high rates over an entire year. In addition, it was also rated the “Best Online Bank” by Money Magazine in both 2012 and 2013. The bank’s other consumer-friendly policies include daily compounded interest, 24/7 customer service, and no charges for ATMs. (Ally actually reimburses ATM fees charged by other U.S. banks at the end of each statement cycle.) They also have an award-winning-mobile-banking application. Deposits are FDIC-insured.

Capital One 360 has the 360 Savings Account, which earns 0.75% APY (rate as of December 11, 2016). It’s an online savings account with no minimum deposit to open an account and no monthly maintenance fees either. Interest is compounded daily, and deposits are FDIC-insured. The 360 Savings Account helps make it easy to save with its mobile app that lets you deposit checks using your phone or computer. You can also track and grow your savings goals by setting up multiple sub-accounts and automatic transfers from your checking account.

Tip: Sometimes smaller banks have better rates than the large online banks.

This week’s high-interest savings account leader is Ultima Bank, offering 2.02% APY on their SMART savings account for young adults 18 years of age or younger. (Rate as of December 11, 2016.)

This week’s high-interest money market account leader is Sallie Mae Bank, offering 0.90% APY on their money market account that requires no minimum deposit to open an account. (Rate as of December 11, 2016.)

Comparing high-interest account features

When it comes time to research which online high-yield savings account or money market account is best for you, take a look at the information we consistently maintain on this page and bookmark it. Plan to come back frequently to check that your accounts are still performing the way you want them to in light of any new rates and terms being offered.

An online savings account or money market account is a safe and convenient way to earn interest on funds that you may need easy access to, and either is a far better choice than simply keeping extra sums in cash or in a checking account.

Now that online banking is mainstream, many accounts offer some pretty nifty bells and whistles. But each bank is different, and so it pays to shop for the best rates, the best service, and the best policies regarding their fees and services. Here are some of the most important factors to consider:

SafetyBanks are not required to be insured by the Federal Deposit Insurance Corporation (FDIC), but most are FDIC-insured up to the legal limit of “$250,000 per depositor, per insured bank, for each account ownership category.”

Fee structure
Monthly maintenance fees, statement fees, and ATM charges are just a few of the ways banks charge for their services. Since these costs can quickly exceed the interest you earn in your account, it is very important to compare each bank’s fee structure to find the most competitive terms.

Minimum deposit requirementsBanks may require that a certain amount of money be deposited when you first open a new savings account, but many now waive that requirement and allow you to fund your new account with whatever balance you choose. A minimum deposit requirement is more common with money market accounts, however.

Minimum balance requirementsLikewise, some banks require that you maintain a certain minimum balance in your account at all times in order to avoid paying their monthly maintenance fee.

Transaction limitsYou can make up to six withdrawals or transfers without charge from your savings account during any statement cycle according to Regulation D of the Code of Federal Regulations, Title 12, Part 204.

Even though many money market accounts allow check-writing privileges and debit-card transactions, Regulation D applies to this type of account as well.

Linking accountsMany online banks make it easy to transfer money between your various accounts – even if they are with a different bank – which is especially convenient when you open your new online savings or money market account.

24-hour accessOne of the best features of online accounts is that you can manage your money whenever you like – 24/7/365. You don’t have to travel to a branch or wait for it to open.

Mobile banking appsIt is possible to do your banking from anywhere with some of the mobile banking applications available at an online bank as well. In addition, online banks invest heavily in making sure that every transaction is secure.

We’re working hard to find the best possible savings account rates and money market account rates to share with the readers of Get Rich Slowly. Do your homework and choose an online savings or money market account that works for you, and then share that knowledge with others in the comments.

GRS is committed to helping our readers save and achieve their financial goals. Savings interest rates may be low, but that is all the more reason to shop for the best rate. Find the highest savings interest rates and CD rates from Synchrony Bank, Ally Bank, and more.

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This is a good starting list. But which institution is the overall best, and why?

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Yasar Tricks

Good.

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Katie O’Connor

Mimi,
Thank you so much for stopping by — we will investigate and get back to you!
Best,
Katie

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Mimi

What about MySavingsDirect? They have the highest yield of all of them at 1.25 APY and no fees or minimum balances. You didn’t mention it. Do you know anything about them?

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Chad

Any way you could start tracking the movement of these scores? I realize it has to do with the Fed rates, but former ING now 360 savings frequently brought down the savings interest rate as other banks kept it up (eg, Ally Bank). Essentially I’d like to know which online savings accounts aren’t just trying to get me in the door and are actively doing there best to keep their savings rate high. A consistency index score maybe.

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Linda Vergon

Hi Chad,

Our bank review pages include a tool that lets you compare the savings account interest rates being offered by a bank over the last year. You can even add more banks to the tool and see how their interest rates compare against each other’s rates over the last year. It’s pretty nifty!

But your idea of an index is a pretty cool idea. I’ll look into that. Thanks for your comment and idea!

Best,
Linda Vergon
Editor of GetRichSlowly.org

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Nick @ Millionaires Giving Money

Nice definitive post. I live in the UK and rates are slightly better. I have an emergency fund bank account with instant access which is paying 3% on balances up to £20,000. This means that I’m earning £600 per year in my emergency fund which is great to know. I wish rates would start rising sooner than later.

Unless you’re going to jump through the hoops needed to get a rewards savings or checking account (x number of direct deposited, y debit transactions per month, z average account balance, etc), I don’t think it makes sense to spend your time looking at different savings accounts. With rates this low, you’re paying yourself far below minimum wage just to make an extra 10 cents in interest per year. I found a place that offers the services I need, is convenient, and doesn’t charge fees for the things I need; anything else would be a waste of my time.

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TurnedMyLifeAround

The best savings account I’ve found is from Baxter Credit Union (www.BCU.org). They have a rainy day account, which restricts you to two withdrawals per year, but starts out paying 1.25% the first year and doubles to 2.5% on year 2+.

You can start the account with $1000 and add up $500 per month with a minimum of $25 required per month to keep this active. Also, you can’t withdraw for the first 90 days after opening.

No. I don’t work for BCU but I have been a member since my original credit union was purchased by BCU several years ago.

It’s the highest savings rate I’ve been able to find anywhere. Unfortunately, the rate is only good on balances < $25,000.

This is a great vehicle to start and build up that emergency fund!

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Grace @ Investment Total

Thank you for allowing to comment in this page. GRS is my favorite personal finance blog. I keep on tracking and visiting it for the latest update. Good thing I found this page after I read the latest post today.

Savings account should be lessen if you want to maximize the growth of your money. A savings account can’t help you fight the “inflation” unless the rates are higher than inflation.

If an inflation rate is 4%, then a savings account should earn more than that. If not, pull out your savings and invest your money in any investment vehicle earning higher than inflation rate.

The rule of thumb is at least 3% above the inflation rate. So, if an inflation rate is 4%, then, your investments should at least earn 7% or higher. (e.g. stocks and mutual funds).

Just sharing my POV. Thanks a lot. Keep visiting GRS.

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Jenna Kelph

This is a list of my top recommendations to save money over time, and end up rich. If yous start this at 30, trust me by 60 you will be very comfortable. I:
1. Invest in diversified low cost funds such as Vanguard. Match your investment mix to your age and risk tolerance. I am about 70%equities and 30% fixed income.

2. Get life insurance. Stay away from expensive whole life insurance. Get term life from a place like LifeAnt for about $20 a month. Watch Suzey Orman or Dave Ramsey sometime if you have not heard of buying term and investing the difference.

3. Set up a revocable trust for a tax efficient transfer of assets.

4. Put at least the maximum amount in your 401k that your employer will match.

5. Save between 10-15% of your income every year for retirement in total.

Save yourself a lot of money and just do everything you can yourself. Google financial planning fees sometime and see how much they take away from you over time.

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Judye

SmartyPig (online savings only) is offering 1%

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Doug

Not sure why you show Sallie Mae as yielding .80%. Your link shows a .90%. I’ve had a Sallie Mae savings account with them since December 2012 and they’ve had a .90% yield 4/12/13. They also offer an initial free 25 checks when you open the account even though it’s not considered a checking account.

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Linda Vergon

Hi Doug,
The yield of .80% is specifically for the high-yield savings account (as of October 3, 2014), which is the focus of this particular article. The .90% yield is for the money market account. But thank you for checking the rates and mentioning the confusion. Hopefully that will clarify it for others as well!

Best,
Linda Vergon
Editor for GetRichSlowly.org

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Lisa

I am looking into money market account for each of my four children, who each have between $900 and $1200 in a current savings account earning .02%. GE Capital above does not offer custodial accounts. Any ideas for a higher yield savings account that does?

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Meaningful Life @ Financewand

I’ve an account with Barclays. I’m looking to open another one which I plan to use as an emergency account. It seems GE is good. Can anyone give me any idea?

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Laura

I use 2 on-line money market accounts for liquid savings, and I am happy with both of them:

1. Sallie Mae Money Market: 0.9% interest and it comes with free checks. I use this for my emergency fund, and never touch this money.

2. Redneck Bank (www.redneckbank.com) Mega Money Market Account: Redneck Bank is the online division of Bank of the Wichitas, and this account also has 0.9% interest rate.

The difference is the Redneck Bank account comes with checks and a Visa Check card, so I use this for my Home Funds (HOA dues, house repairs, etc…) because with the checks and check card it’s more convenient to make payments from this account.

I have never had a problem with either account and overall, I am happy with both of them!

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inboxblueprint2.org/

I haven’t checked in here for a while because I thought it
was getting boring, but the last several posts are
great quality so I guess I’ll add you back to my everyday bloglist.
You deserve it my friend 🙂

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Melly

We actually review our interest rates and various accounts on a yearly basis, and then we all play them off each other 🙂

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Monkey

Correct me if I’m wrong, but doesn’t a 0.7 to a 0.9 percent annual yield doesn’t even scratch the surface of annual inflation?

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MrOilynails

There is NO WAY I’m putting my money in ANY bank at these absurd rates.
CC’s are still at 18-30%. They are ROBBING people.
I’ll keep money under the mattress, actually a home safe!
I’ll eat the inflation, as I know I won’t have to fight to get my money back when this whole thing goes Kaplooyey, And it will.

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MD

Joe – not sure that is fair. I have researched this endlessly and these are the best deals right now. Perhaps you can show otherwise. I am open to learning .

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TurnedMyLifeAround

The best savings account I’ve found is from Baxter Credit Union (www.BCU.org). They have a rainy day account, which restricts you to two withdrawals per year, but starts out paying 1.25% the first year and doubles to 2.5% on year 2+.

You can start the account with $1000 and add up $500 per month with a minimum of $25 required per month to keep this active. Also, you can’t withdraw for the first 90 days after opening.

No. I don’t work for BCU but I have been a member since my original credit union was purchased by BCU several years ago.

It’s the highest savings rate I’ve been able to find anywhere. Unfortunately, the rate is only good on balances < $25,000.

This is a great vehicle to start and build up that emergency fund!

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Seth Carpenter

I don’t see it on this list, but I have been very pleased with Lake Michigan Credit Union. They pay 3% when you meet their requirements and you don’t have to live in Michigan. It rocks!

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joejoeice

I don’t mind a blog making money, but this post is misleading. The primary goal seems to be to put affiliate program links out there for us to click on. A small disclaimer in a side bar usually does the trick, but when the entire article is stuffed with money making links for you, you need at least a reference to this being an advertisement in the article.

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martiemart

The fact that it says “Advertiser Comments” isn’t enough? They also list it looks like dozens of banks that aren’t advertisers which is a lot more than what some other sites do…

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Penny Price

I received really poor service from Ally when they hit the market. Instead, I use Discover’s online savings account. As of today (04/03/14), ANY savings amount is getting 0.85%. No checking account, auto deposits, or other hoops to jump through. It isn’t much, but it should be on your list!

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Martha Gonzales

That’s why IO love this blog and keep visiting it to get more information to save my personal finance. This blog post really shows the path to have a great financial health. Thanks for all the information on Savings account. However, I’ve a question now. I have two bank accounts – one at Barclays and another at American Express Bank. I want to open another saving a/c at either Ally or GE Capital Bank. Is it permissible? How many savings accounts can I have?

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Mike in NH

You can have as many savings accounts as you would like Martha. Although you might be better off limiting the number for a few reasons. Assuming you don’t need to spread out your funds to be fully FDIC insured, it would be easier to track only having one or two accounts and you might be entitled to betters rates depending on the amount of money in the account (dilluting your savings among several might put you in a lower tier in terms of rate or other benefits at the bank). The better option might be for you to find the best bank/rate and set up different savings buckets within one account – a lot of banks let you do this now.

Interest rates are so close between the banks I deal with that I focus on the vehicle rather than the bank. For example, putting my money in a tax-free savings account yields a better return than a regular savings account because of the tax savings. Just food for thought 🙂

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This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all deposit accounts available.
Editorial Disclosure: This content is not provided or commissioned by the bank advertiser.
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Disclaimer: Rates / APY terms above are current as of the date indicated. These quotes are
from banks, credit unions and thrifts, some of which have paid for a link to
their website. Bank, thrift and credit union deposits are insured by the FDIC
or NCUA. Contact the bank for the terms and conditions that may apply to you.
Rates are subject to change without notice and may not be the same at all
branches.

Disclaimer:All information provided on this site is for informational purposes only. GetRichSlowly.org makes no representations as to the accuracy, completeness, suitability or validity of any information on this site and will not be liable for any errors or omissions in this information or any damages arising from its display or use.